Antalet kvinnliga styrelseledamöter i bolag har ökat de senaste åren och studier visar att bolag med könsdiversifierade styrelser redovisar högre lönsamhet än andra företag. Flera av dessa studier är baserade på data från små, medelstora och stora börsnoterade bolag. Regeringen föreslog nyligen en kvoteringslag där kvinnor skall utgöra 40 procent av antalet styrelseledamöter i bolag med syfte att få mer jämlika styrelser. Intressant är då att studera om fördelarna med könsdiversifierade styrelser beaktas av investerare och hur marknadsaktörer agerar. I studien visas att när nominering av kvinnliga styrelseledamöter offentliggörs har det en negativ påverkan på företagets marknadsvärde, men denna påverkan är inte statistiskt signifikant. Vidare påverkas inte nomineringens inverkan på aktiekursförändringen av ett bolags branschtillhörighet. / The number of female directors of companies has increased in recent years and studies show that companies with diverse boards report higher profitability than other companies. Several of these studies are based on data from small, medium and large listed companies. The government recently proposed a quota law where women will constitute 40 per cent of the directors of companies to push for more equal boards. Hence, studying the benefits of diverse boards and its investor reactions and how the market is moving is of interest. The study shows that when the nomination of female board members is published, it has a negative impact on the company's market, but this effect is not statistically significant. Furthermore, the nomination affect does not have an impact on the stock price change regarding the company's industry affiliation.

Bakgrund: Jämställdhet innebär att kvinnor och män ska ges samma rättigheter, skyldigheter och möjligheter inom livets samtliga områden (SCB, 2016). Sverige är världens fjärde mest jämställda land men trots detta är det endast 28,1 procent kvinnor i svenska börsbolagsstyrelser och 10 procent kvinnor i svenska valberedningar (WEF, 2016; AllBright, 2015). Detta även fast kvinnor utbildar sig i högre utsträckning än vad män gör (SCB, 2016). För att försöka lösa problemet med den ojämna könsfördelningen i svenska börsbolagsstyrelser har Regeringen flera gånger tagit fram ett förslag om kvotering, senast hösten 2016. Kvoteringsförslaget har inneburit att minst 40 procent av respektive kön ska representeras i svenska börsbolagsstyrelser men förslaget har aldrig haft tillräckligt med stöd för att röstas igenom (Regeringen, 2016).   Syfte: Uppsatsens syfte är att förklara om sammansättningen av valberedningen i bolag på Stockholmsbörsen påverkar könsfördelningen i styrelsen. Och i så fall vilka egenskaper hos individerna i valberedningen som påverkar könsfördelningen i styrelsen.   Forskningsfråga: Påverkar sammansättningen av valberedningen könsfördelningen i styrelsen? Och vilka är i så fall egenskaperna som påverkar könsfördelningen?   Metod: Uppsatsen har antagit en deduktiv forskningsansats där teorier ligger till grund för de hypoteser vi skapar och sedan testar (Bryman & Bell, 2013). De teorier som formulerat våra hypoteser är social kategoriseringsteori, homosocialitet, homosocial reproduktion, upper echelon samt institutionell teori. Hypoteserna testas i en kvantitativ metod och urvalet är samtliga bolag på Stockholmsbörsen som har en valberedning. Som forskningsstrategi har en kombination mellan tvärsnittsdesign och longitudinell design använts.   Resultat: Resultaten från testerna visar att fem av våra åtta hypoteser kan accepteras eftersom de visar ett signifikant samband. De som uppnår signifikans är andelen kvinnor i valberedningen, kritisk massa av kvinnor i valberedningen, utländska ledamöter i valberedningen, andelen med eftergymnasial utbildning, familj/sfär som kontrollägare samt institutionell kontrollägare representerade i valberedningen.     Slutsats: Svaret på vår forskningsfråga är ja, sammansättningen av valberedningen påverkar könsfördelningen i styrelsen. Och de egenskaper som påverkar är andelen kvinnor i valberedningen, kritisk massa av kvinnor i valberedningen, utländska ledamöter i valberedningen, andelen med eftergymnasial utbildning, familj/sfär som kontrollägare samt institutionell kontrollägare representerade i valberedningen. / Background: Equality means that women and men should be given the same rights, obligations and opportunities in all areas of life (SCB, 2016). Sweden is the world's fourth most equally-balanced country but despite this only 28,1 percent are women in Swedish Stock Exchange Boards and 10 percent women in Swedish Nomination Committees (WEF, 2016; AllBright, 2015). This even though women more often have a higher degree than men do (SCB, 2016). In order to try to solve the problem of the uneven gender distribution in Swedish Stock Exchange Companies, the Government has repeatedly developed a proposal for quotas, latest by autumn of 2016. The quota proposal has meant that at least 40 percent of each gender should be represented in Swedish Stock Exchange Companies, but the proposal has never had enough support so it was withdrawn (Regeringen, 2016).   Purpose: The purpose of this paper is to explain whether the composition of the Nomination Committee in companies on the Stockholm Stock Exchange affects the gender distribution of the Board. And if so, what characteristics of the individuals in the Nomination Committee that affect the gender distribution in the Board.   Research question: Does the composition of the Nomination Committee affect the gender distribution in the Board? And if so, who are the characteristics that affect the gender distribution?   Method: This paper has assumed a deductive research where already existing theories was used to develop hypotheses which then was tested (Bryman & Bell, 2013). The theories that created our hypotheses are social categorization theory, homosociality, homosocial reproduction, upper echelon and institutional theory. Hypotheses are tested in a quantitative method and the selection is all companies on the Stockholm Stock Exchange which have a nomination committee. As a research strategy, a combination of cross-sectional design and longitudinal design has been used.   Results: The results from the tests show that five of our eight hypotheses can be accepted because they show a significant relationship. Those who achieve significance are the proportion of women in the Nomination Committee, the critical mass of women in the Nomination Committee, foreign members of the Nomination Committee, the proportion of post-secondary education, family/sphere as control owners and institutional control owners when represented in the Nomination Committee.   Conclusions: The answer to our research question is yes, the composition of the Nomination Committee affects the gender distribution in the Board. And the characteristics that affect are the proportion of women in the Nomination Committee, the critical mass of women in the Nomination Committee, foreign members of the Nomination Committee, the proportion of post-secondary education, family/sphere as control owners and institutional control owners when represented in the Nomination Committee.

A major goal of evolutionary biology and ecology is to understand why species richness varies among clades. Previous studies have suggested that variation in richness among clades might be related to variation in rates of morphological evolution among clades (e.g., body size and shape). Other studies have suggested that richness patterns might be related to variation in rates of climatic-niche evolution. However, few studies, if any, have tested the relative importance of these variables in explaining patterns of richness among clades. Here, we test their relative importance among major clades of Plethodontidae, the most species-rich family of salamanders. Earlier studies have suggested that climatic-niche evolution explains patterns of diversification among plethodontid clades, whereas rates of morphological evolution do not. A subsequent study stated that rates of morphological evolution instead explained patterns of species richness among plethodontid clades (along with "ecological limits" on richness of clades, leading to saturation of clades with species, given limited resources). However, they did not consider climatic-niche evolution. Using phylogenetic multiple regression, we show that rates of climatic-niche evolution explain most variation in richness among plethodontid clades, whereas rates of morphological evolution do not. We find little evidence that ecological limits explain patterns of richness among plethodontid clades. We also test whether rates of morphological and climatic-niche evolution are correlated, and find that they are not. Overall, our results help explain richness patterns in a major amphibian group and provide possibly the first test of the relative importance of climatic niches and morphological evolution in explaining diversity patterns.

This work explores the relationship between municipal government debt and revenue diversification using a prism of institutional and fiscal interactions, concentrating on revenue fungibility effects over time and on the role of state-imposed constraints. A diversified revenue structure tends to stabilize revenue levels by balancing income-elastic and inelastic revenue sources. The impact of such diversity has been the subject of much research on expenditure and service levels among state and local governments. Considerably less research has been conducted on its potential relationship with debt, although capital financing is a necessary and often-utilized mechanism for funding capital and operational spending for local governments. Since it is well known that debt payments are fixed in the short run, they require sufficient revenue adequacy through economic highs and lows. It is thus argued that local governments with more diversified revenue structures are better able to utilize debt financing since revenue diversity mitigates the risk of borrowing by providing for greater fiscal predictability in the long run. This hypothesis is tested on two samples - a large sample of cities in Massachusetts from 2000 through 2009, as well as a cross-state sample, encompassing the cities from the majority of U.S. states. The findings of both studies provide preliminary evidence on the influence of revenue diversification on the levels of municipal indebtedness. While the Massachusetts study reveals that revenue diversification is, indeed, a statistically significant determinant of debt per capita, which also has an indirect effect on property tax burdens, the cross-state study suggests that revenue diversification has a mitigating impact on certain state-imposed fiscal rules, further adding to its weight as a strategic financial management tool. Both studies also reiterate the importance of such fiscal capacity factors as fund balances, intergovernmental revenue, and the size of government, while also revealing some new interaction patterns among various state-imposed debt limitations.

State grants are perceived to mitigate the fiscal disparities among local governments in providing services. However, cutbacks in state grants as a result of changes in state grant policy in different states affect local expenditures dedicated to maintaining service provisions to citizens. This dissertation constructs a theoretical model to explain the extent to which and the ways in which types of state grants, revenue diversity, and form of local government impact local spending and the provision of public programs when local governments experience cuts in state grants. The dissertation also argues that when facing state grant cuts, local governments with a council-manager form of government and with higher revenue diversity will experience reduced change in local expenditures and that decreases in state categorical grants will lead to more cuts in distributive program expenditures. Given the diversity of state and local arrangements, this dissertation conducts a comparative and panel data study to test the hypotheses in 351 and 271 municipalities in Massachusetts and Colorado, respectively, in 2000 through 2008. The empirical results indicate that the form of government and the degree of revenue diversification have a greater impact on the local spending behaviors in Colorado than in Massachusetts. Meanwhile, decreases in state categorical grants lead to more cuts in distributive program expenditures in both Massachusetts and Colorado. This dissertation concludes that the theoretical model explains the effects of state grant reductions on local spending better in Colorado than it does in Massachusetts.

This thesis explores the details and profitability of two distinct operational strategies utilized by dairy operations as alternatives to expanding milk production. It features farms that have either transitioned to organic production or installed a farm-scale anaerobic digester, motivated in part by the opportunity for market specialization or income diversification to increase the viability of their dairy farm businesses. The first analysis examines the demographics and production characteristics impacting the profitability of organic dairy farmers in Vermont and Maine. This provides policymakers, educators, lenders, and suppliers with a profile of this sector that accounts for 23% of dairy farms in Vermont and 20% of dairy farms in Maine, annually shipping, on average, 787,600 lbs. milk per farm. The study was conducted through a longitudinal survey of 83 organic farmers in Vermont and Maine from 2004 to 2012. A multiple linear regression analysis of the sample demonstrated six significant variables that affect farm profitability measured by return on assets (ROA). Having at least 80% Holstein herd composition, increasing the daily pounds of grain fed to cows during the winter months, a primary farm operator having grown-up on dairy farm, and the use of feed mixing machinery all positively impacted ROA. Farm profitability was negatively affected on farms with a high rate of annual cow morbidity and also tended to decrease over the course of the survey as organic prices leveled. While the model developed here has some explanatory power (R2 = 0.387), variability in farm profitability is affected by complex economic pressures. The second analysis reports the predicted and actual annual maintenance figures collected from anaerobic digester systems in Vermont. Within Vermont, 16 farms operate methane-generating ADS. All of these farms have received some form of public funds and/or a voluntary consumer premium. The analysis compares costs by creating a ratio of actual maintenance, repair, oil, and labor costs over these same predicted costs. This ratio is used to assess whether the suggested industry operating cost estimator tends to over or under predict annual maintenance costs. The ratio was evaluated with a one-way Student's t-test (p = 0.046) finding that maintenance costs tend to be under-predicted compared to the actual costs. One-way ANOVA was used to determine a statistically significant effect of herd size (F = 6.453, p = 0.052), showing that the maintenance ratio varies significantly between groups, This analysis indicates that predicting annual maintenance, repairs, and labor costs as a function of 3.5% of total kWh production is an acceptable method for digesters on farms with more than 500 cows, but under predicts maintenance costs for smaller farms. For smaller farms, the actual costs were on average 2.5 times higher.

Mémoire numérisé par la Direction des bibliothèques de l'Université de Montréal.

The natural world consists of a vast array of forms, some more plentiful than others, yet our understanding of the processes responsible the production of biological diversity remains surprisingly limited. Here I combine novel datasets with powerful phylogenetic modeling techniques and computer simulations to test the effects of both biotic and abiotic factors on the dynamics of species radiations and the evolution of organism traits in birds. In the first part of this thesis, I develop our understanding of the importance of abiotic factors for diversification by showing that in the early stages of lineage diversification at least, rapid adaptation to novel climatic conditions is likely to represent a prominent driver of avian diversification. In the second part I concentrate on the role of biotic factors, in particular that of sexual selection. I show that not only is sexual selection associated with accelerated rates of speciation and secondary sympatry—as well as faster rates of net diversification across the entire avian tree of life—but also that across-species variation in rates of phenotypic evolution is best understood with reference to the focus and intensity of sexual selection. Finally, given that the relative importance of such processes appears to vary predictably across latitudes, in the final part of the thesis I argue that latitudinal differences in the speciation process offers a potentially powerful explanation for conflicting viewpoints regarding the contribution of speciation to high tropical diversity. Overall, this work provides fresh insight into the processes governing broad-scale patterns in biodiversity.

Latitudinal diversity gradient is one of the oldest known trends in the distribution of life on the Earth. Scientists have been trying to find causes of its formation for more than two hundred years. There are several hypotheses suggested to explain this gradient. Recently, it is one of the main themes of discussion among ecologists and evolutionary biologists. By this Thesis, I will try to contribute to understanding of processes that generate the latitudinal diversity gradient. Particularly, I study if there is a relationship between ambient temperature and diversification rate. Is this relationship different for individual groups of animals? I choose birds as a model group. Specifically, these six families of birds: Accipitridae, Columbidae, Furnariidae, Picidae, Psittacidae and Strigidae. These groups include more than 1500 species. Each of them has the same universal gradient of diversity, with the highest diversity concentrated in the tropics. My objective was to find out, whether the universal gradients of bird's diversity had been shaped by the same historical processes. Or alternatively, whether different evolutionary trajectories had converged to the same gradients. The main outcome of my work is a discovery that some of the selected families diversified faster in warmer climates...

Bibliographic Record JÍLEK, Jiří. European Real Estate Investment Trusts: Analyzing Correlation with a DCC- GARCH Model. Prague, 2012. 50 p. Master thesis (Mgr.) Charles University in Prague, Faculty of Social Sciences, Institute of Economic Studies. Supervisor: Tomáš Jandík MA MSc MRICS. Abstract The main goal of this thesis is to study the interdependencies between returns of European real estate investment trusts (REITs) and other investment asset classes such as European equities, government bonds and commodities. The thesis is divided into two parts: in the first part, we describe the necessary background that led to the emergence of first REIT structures and also provide an overview of the European REITs market. In the second part, we apply the Dynamic Conditional Correlation GARCH (DCC-GARCH) model to examine correlations between the above mentioned asset classes. The general understanding of real estate is that it provides diversification benefits to a diversified portfolio. However, our results suggest that returns of European REITs and stocks show a relatively high correlation and more importantly, the correlation increases in time. These findings have significant implications for investors and portfolio managers who seek protection for their portfolios in time of market downturns. Our results...